The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-05-13
DAKOTA MERCHANTS.
How They Befriended a Bank and
Saved it From Suspension.

u.
From the Ne1o York Tribune.
l ran across a New York man the other
day who is largely interested in tho banking
business of Dakota. The conversation
drifted into discussion of the character of
the people out there. "They may be rough
! in their manners.n said he, "and uncouth
in their ways, but they stand by man
when he is in trouble and they never forget
friend. had an opportunity" he went
on, Ito test this trait not many years ago.
The bank of the town where / was staying
found itself greatly embarrassed one
fine day by the failure of its principal cor
respondent in the Territory. This fact be-
came known late in the afternoon of the day
that the news of the failure reached the
town. A run on the bank the following
morning was inevitable To meet
it there was but $4,000 in the
vaults. The remainder of the assets
could not Immediately be turned into ready
cash The President of the bank was at his
wits end. He didn't know what to do.
Morning came and he decided to close the
bank. He was about to give the necessary
orders when in walked a committee of the
leading merchants of the place, They asked
for an explanation of the situation. 1t was
given to them and likewise an opportunity
to look at the books A short examination
sufficed to show that the bank was only tenn
porarily embarrassed. They said to the
President, You open the doors at 10 O'Clock
as usual and pay the depositors; we'll see you
through this thing But how are YOU go
ing to do itP said the President: i have but
Sc, 600 here and there are at least $4,000 in
deposits to be met. Half of that sum is
clamoring on the sidewalk now Never
mind, you open the bank and go ahead, said
the committee, and we will see you
through
"Well, the bank was opened and in rushed
the depositors and out went the money The
pile of greenbacks on the cashiers desk
grew smaller and smaller and the crowd OF
depOsitors continued to increase with every
minute. Still the paying at the tellers win
dow went on. On the sidewalk the people
who had drawn their money were met by
some of the merchants who had promised to
see the bank through. What are you going
to do with your money! they would ask.
4 don't know came the answer. Suppose
you leave it with us; you know our house
and know that we are responsible. We will
give you our note and SO much interest.
To the farmers for the majority of deposi-
tors were farmers) the money in their
pockets, where it drew no interest,
was of little use; they preferred,
| of course, the notes and were without diff
Guilty persuaded to part with their money.
AS soon as they had received the money the
merchants would deposit it in the bank.
The same money was paid over the counter
three times Or Oftener i'll the course of the
day, and when the bank closed at 3 o'clock
in the afternoon it had in its vaults as much
money as it had started with in the morn
ing, and with $4,000 it had paid over
$4,000 of deposits. The promptness with
which it met the demands of the depositors
stayed the panic and the next morning
there was not the slightest intimation of a
RIM This is an Absolutely true story, y said
my informant in conclusion, 'for | was
myself the the President of that bank. Now
can you match that by anything in the
East?n